LIC Home Loan EMI

LIC Home Loan EMI (Equated Monthly Instalment) is a lump sum amount LIC Housing Finance Limited expect per month from the borrowers it has landed a home loans. A LIC home loan EMI consists of two components the first one is interest on principal outstanding loan amount for the previous month and second one is a part of the principal loan amount recovery. The LIC Home Loan EMI amount is a function of Loan amount, Tenure of the loan and interest rate on loan. EMI amount is worked out in manner where LIC HFL recovers all the principal loan amount within the tenure of the loan with a specific interest rate. If the rate of interest changes the tenure of the loan get adjusted to recover the principal loan amount. LIC Home Loan offers one of the lowest home Loan EMI Rs. 758 for a tenure of 30 years in the Indian Home Loan market.

LIC Home Loan EMI Calculator & Its Use

LIC Home loan EMI Calculator is a Financial tool that helps home loan borrowers to know the EMI for the purposed home loanthey are planning to borrow. It is always advisable to plan your personal finance before you decide to take a home loan, as the loan has to be repaid on time with monthly EMIs. Other than using the EMI calculator to find out the EMI it can also be used to know the break-up of interest and principal amount a borrower will be paying in a particular month during the term of the loan. It will also help you to know the total interest amount you will be paying in the loan by the end of the term of the loan, a higher tenure loan will make you pay more interest on loan compared to a lower tenure. Interest payable on loan also increases with higher rate of interest on loan. It’s always advisable to take a home loan for higher tenure and repay a lump sum principal amount as and when you have extra liquidity as that helps you on saving the interest outgo on loan.

Using LIC Home Loan EMI Calculator

Using the calculator is very simple all you need to do is provide the calculator the loan amount, interest rate on home loan, tenure of the loan, it will instantly calculate and give you the Home Loan EMI amount.

LIC Home Loan EMI Calculation Formula

The formula for LIC Home Loan EMI Calculator is P*R* (1+R)^N/([(1+R)^N]-1)

In the above formula
P is the LIC Home loan amount, which is expected to be in the range of Rs. 1.00 Lacs to Rs. 1000 Lacs,
R is per month interest rate on loan, which may vary in the range of 8.35 % to 8.75 % and
N is tenure of the home loan in months. LIC home loan tenure goes up to 30 years.

LIC Home Loan EMI Schedule or Repayment Schedule

LIC Home Loan EMI Schedule provides you a month wise EMI break of interest on loan and principal repayment along with the principal loan amount outstanding after end of a particular month. It provides you a break up for the entire tenure of the loan, if you want to know how much would be the principal outstanding loan amount after 5 years and 2 months of the loan- you can check the same in the EMI schedule.

LIC Home Loans Benefits

Online application

Simple documentation to apply for home loan

Fast approval process of loan

Loan tenure up to 30 years

Provides one of the lowest interest rate for home loan

One of the largest network of Branches, it enables LIC Home loan to offer home loan at every corner of the country and provide post sales services.

Customized home loan products to meet requirements of every home buyers.

LIC Housing Finance News

LIC Housing Finance Outperformed Other HFCs

7th Feb 2018:
LIC Housing Finance Limited, has outperformed the other housing finance companies of the country by having a 57% year on years jump on its loan disbursements to Rs. 30, 476 Crores, whereas overall housing finance companies in India saw their loan disbursements rising between 30 to 50% during the third quarter of the financial year 2018. The growth in LIC Home Loan is primarily driven by lending affordable home loans to EWS and MIG of home buyers. LIC HFL’s core mortgage grew by 11% year on yearscompared to 10% during the same period. The lender says the loan growth expected to come from affordable home loans during the coming month and year. LIC Home Loans is offering very aggressive pricing on all its home loan products and trying to average out its yields by selling Non-home loan products like Loan against Property, Loan Against Lease Rental Discounting, Project Loans and others with higher interest rates and fees.

LIC Housing Finance Limited Profit Drops by 1.60%

18th Jan2018:
As per the report of LIC Housing Finance Limited, it saw a drop in its profit by 1.60 percent during the last quarter of the ongoing financial year compared to the same period of previous financial year. This drop-in profit is largely due to lower offtake of project loans and Loan Against property other than deterioration in asset quality of the lender. LIC HFL’s net profit is at Rs. 491 Crores during the 3rd quarter ended December 2017 whereas previous year it was at Rs. 499 crores. The lenders loan book grew by almost 27% to Rs. 1.56 Lacs Crores largely driven by borrowers from top 6 metro cities of the country.

Home Loan EMI Schedule

Below table is an illustrated break up of your EMI starting from current month